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Ostrovok Raises $12 Million Round to Expand Outside of Russia

Excerpt from TechCrunch

Jun 18, 2014 8:15 am

Skift Take

Ostrovok can be a powerhouse inside Russia, so it seems odd that it would focus outward considering the concern for privacy among Russian companies, even shared by some of its new funders.

— Jason Clampet

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Ostrovok.ru, the Russian accommodation booking startup, has announced a $12 million financing round investment led by Vaizra Capital Russia, a fund backed by Vyacheslav Mirilashvili and Lev Leviev, co-founders of Vkontakte, Russia’s largest social network.

The cash will be used to expand the service more internationally and develop the product. Previously, it had raised $38.6 million.

Last month Kirill Makharinsky, the co-founder of Ostrovok, departed the company. His co-founder Serge Faguet remains on board as CEO.

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